Latest news with #RichardCarter
North Wales Live
13-08-2025
- Business
- North Wales Live
Money expert says avoid travel 'cardinal sin' that will cost you a lot
People setting off on holiday should avoid buying travel money at the airport, a card payment expert has warned. The advice comes from Richard Carter, founder of Lopay, who believes many Brits part with too much cash at a bureau de change. Rich said the 'currency cardinal sin' should always be avoided when travelling abroad - or when in tourist hotspots overseas. While most airports have a bureau de change, their rates rarely represent a smart deal. The current exchange rate between GBP and the Euro is 1 to 1.1 - with the pound coming back from a yearly low last week. Some of the best online currency exchanges are currently offering 1.16, meaning £100 will result in an exchange of €115.77 - a decent deal for many holidaymakers. However, an airport or travel hub kiosk will more likely offer something closer to 1.12, meaning that same £100 trade would return around €112 - a loss of three euros per hundred pounds. The reason this should be avoided becomes all the more clear the more money that gets exchanged - considering how much cash a family might want when going away for a fortnight abroad. If the family were to trade in £1,000 at the airport rate of 1.12 they'd be handed around €1,120. Online exchange rates, which are far superior and can be used while abroad as well as in the UK, would provide that 1.16 rating based on today's figures. That same £1,000 would see the family net €1,157.68 - a difference of nearly £10 a head for a family-of-four, simply by avoiding those costly airport exchange rates. But, while foreign currency has its uses, Rich's best advice is to use a credit card for as many purchases as possible - from restaurants to shops and hotels. Using a credit card allows users to choose to pay in the local currency, avoiding dynamic conversion rates, which give a poor rate if converted to pounds. Credit cards can also provide a layer of protection when abroad if you purchase unsatisfactory or faulty goods under section 75 of the Consumer Credit Act 1974 - meaning your credit card provider has a legal responsibility to reimburse you up to a maximum of £30,000. Rich said: 'People work hard throughout the year to enjoy their getaway over the summer and so it is imperative that they know where to land the best deals to get the bang for their buck. 'There are now so many good, reputable online currency converters who offer the best exchange rates by far. This is the opposite of airport bureau de change, which offers a very poor rate that some might be tempted by as they land abroad or turn up to the airport with no cash. 'I would advise people to keep a clear mind and understand that there are better deals to be had – always shop around and have a look online before you set off. Do your research, or you may be sorry.'
Wales Online
13-08-2025
- Business
- Wales Online
Money expert says avoid travel 'cardinal sin' that will cost you a lot
Money expert says avoid travel 'cardinal sin' that will cost you a lot Rich says to 'keep a clear mind and understand' You could end up with less money than you should have People setting off on holiday should avoid buying travel money at the airport, a card payment expert has warned. The advice comes from Richard Carter, founder of Lopay, who believes many Brits part with too much cash at a bureau de change. Rich said the 'currency cardinal sin' should always be avoided when travelling abroad - or when in tourist hotspots overseas. While most airports have a bureau de change, their rates rarely represent a smart deal. The current exchange rate between GBP and the Euro is 1 to 1.1 - with the pound coming back from a yearly low last week. Some of the best online currency exchanges are currently offering 1.16, meaning £100 will result in an exchange of €115.77 - a decent deal for many holidaymakers. However, an airport or travel hub kiosk will more likely offer something closer to 1.12, meaning that same £100 trade would return around €112 - a loss of three euros per hundred pounds. The reason this should be avoided becomes all the more clear the more money that gets exchanged - considering how much cash a family might want when going away for a fortnight abroad. If the family were to trade in £1,000 at the airport rate of 1.12 they'd be handed around €1,120. Online exchange rates, which are far superior and can be used while abroad as well as in the UK, would provide that 1.16 rating based on today's figures. That same £1,000 would see the family net €1,157.68 - a difference of nearly £10 a head for a family-of-four, simply by avoiding those costly airport exchange rates. But, while foreign currency has its uses, Rich's best advice is to use a credit card for as many purchases as possible - from restaurants to shops and hotels. Using a credit card allows users to choose to pay in the local currency, avoiding dynamic conversion rates, which give a poor rate if converted to pounds. Credit cards can also provide a layer of protection when abroad if you purchase unsatisfactory or faulty goods under section 75 of the Consumer Credit Act 1974 - meaning your credit card provider has a legal responsibility to reimburse you up to a maximum of £30,000. Article continues below Rich said: 'People work hard throughout the year to enjoy their getaway over the summer and so it is imperative that they know where to land the best deals to get the bang for their buck. 'There are now so many good, reputable online currency converters who offer the best exchange rates by far. This is the opposite of airport bureau de change, which offers a very poor rate that some might be tempted by as they land abroad or turn up to the airport with no cash. 'I would advise people to keep a clear mind and understand that there are better deals to be had – always shop around and have a look online before you set off. Do your research, or you may be sorry.'
Scotsman
01-08-2025
- Business
- Scotsman
Airport money mistake could leave you £100s out of pocket
Don't let poor planning drain your holiday funds 💶 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Airport currency exchange is dubbed a 'cardinal sin' by payment expert Richard Carter Rates at airport kiosks are often far worse than those found online or via card payments Swapping £1,000 at the airport could leave you €40 worse off compared to online rates Using a credit card abroad can offer better rates and added consumer protection Travellers are urged to plan ahead and avoid last-minute exchanges at travel hubs When it comes to holiday spending, there's one 'currency cardinal sin' experts say travellers should never commit: converting cash at the airport. That's according to Richard Carter, founder of Lopay – the UK's highest-rated, lowest-cost payment app – who warns that many Brits are still losing out by using airport bureau de change services, both at home and in tourist hotspots abroad. Advertisement Hide Ad Advertisement Hide Ad While airport kiosks might seem convenient, they often come with inflated exchange rates. For example, while some online currency providers are currently offering rates around €1.16 to the pound, airport desks tend to offer closer to €1.12 – a difference that adds up fast. Exchange £100 at the airport, and you might get just €112. Online? Closer to €116. That's a loss of €4 per £100, or a painful €40 if you're exchanging £1,000 for a family holiday. And that's before you even get to your destination. Advertisement Hide Ad Advertisement Hide Ad (Photo: DANIEL LEAL/AFP via Getty Images) | AFP via Getty Images Carter advises ditching the cash entirely, where possible, and using a card instead. 'Using a credit card abroad – especially one with no foreign transaction fees – is often the smartest option,' he says. 'Not only can it get you a better exchange rate, but it also protects your purchases.' That's thanks to Section 75 of the Consumer Credit Act, which can reimburse you for faulty goods or services up to £30,000 – ideal for peace of mind when booking hotels, excursions, or big-ticket items abroad. Carter says: 'People work hard throughout the year to enjoy their getaway over the summer and so it is imperative that they know where to land the best deals to get the bang for their buck. Advertisement Hide Ad Advertisement Hide Ad 'There are now so many good, reputable online currency converters who offer the best exchange rates by far. 'This is the opposite of airport bureau de change, which offers a very poor rate that some might be tempted by as they land abroad or turn up to the airport with no cash. 'I would advise people to keep a clear mind and understand that there are better deals to be had – always shop around and have a look online before you set off. Do your research, or you may be sorry.' Advertisement Hide Ad Advertisement Hide Ad Are you struggling to make ends meet as costs continue to rise? You can now send your stories to us online via YourWorld at It's free to use and, once checked, your story will appear on our website and, space allowing, in our newspapers.
Scotsman
01-08-2025
- Business
- Scotsman
Airport money mistake could leave you £100s out of pocket
Don't let poor planning drain your holiday funds 💶 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Airport currency exchange is dubbed a 'cardinal sin' by payment expert Richard Carter Rates at airport kiosks are often far worse than those found online or via card payments Swapping £1,000 at the airport could leave you €40 worse off compared to online rates Using a credit card abroad can offer better rates and added consumer protection Travellers are urged to plan ahead and avoid last-minute exchanges at travel hubs When it comes to holiday spending, there's one 'currency cardinal sin' experts say travellers should never commit: converting cash at the airport. That's according to Richard Carter, founder of Lopay – the UK's highest-rated, lowest-cost payment app – who warns that many Brits are still losing out by using airport bureau de change services, both at home and in tourist hotspots abroad. Advertisement Hide Ad Advertisement Hide Ad While airport kiosks might seem convenient, they often come with inflated exchange rates. For example, while some online currency providers are currently offering rates around €1.16 to the pound, airport desks tend to offer closer to €1.12 – a difference that adds up fast. Exchange £100 at the airport, and you might get just €112. Online? Closer to €116. That's a loss of €4 per £100, or a painful €40 if you're exchanging £1,000 for a family holiday. And that's before you even get to your destination. Advertisement Hide Ad Advertisement Hide Ad (Photo: DANIEL LEAL/AFP via Getty Images) | AFP via Getty Images Carter advises ditching the cash entirely, where possible, and using a card instead. 'Using a credit card abroad – especially one with no foreign transaction fees – is often the smartest option,' he says. 'Not only can it get you a better exchange rate, but it also protects your purchases.' That's thanks to Section 75 of the Consumer Credit Act, which can reimburse you for faulty goods or services up to £30,000 – ideal for peace of mind when booking hotels, excursions, or big-ticket items abroad. Carter says: 'People work hard throughout the year to enjoy their getaway over the summer and so it is imperative that they know where to land the best deals to get the bang for their buck. Advertisement Hide Ad Advertisement Hide Ad 'There are now so many good, reputable online currency converters who offer the best exchange rates by far. 'This is the opposite of airport bureau de change, which offers a very poor rate that some might be tempted by as they land abroad or turn up to the airport with no cash. 'I would advise people to keep a clear mind and understand that there are better deals to be had – always shop around and have a look online before you set off. Do your research, or you may be sorry.' Advertisement Hide Ad Advertisement Hide Ad
Scotsman
29-07-2025
- Business
- Scotsman
Holiday money: debit card mistake could drain your cash
Holidaymakers could be losing £10+ each time they take out cash abroad 💳 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Brits are being warned about costly fees from using ATMs abroad A single withdrawal can trigger up to four separate charges Fees include ATM use, bank withdrawal, currency conversion, and admin costs Using a credit card abroad can lead to even higher charges Experts advise using fee-free cards or paying by card instead of taking out cash UK holidaymakers are being urged to think twice before using ATMs while abroad – or risk racking up four separate fees just to get their own money. Payment expert Richard Carter, founder of low-cost payment app Lopay, says too many Brits are still making one simple yet expensive mistake on holiday: withdrawing cash at foreign ATMs. Advertisement Hide Ad Advertisement Hide Ad While it might feel like the quickest way to grab some spending money, the hidden costs can add up fast – especially if you do it more than once during your trip. Here's how the costs stack up: ATM fee abroad: Many machines charge a fixed fee just to use them. Many machines charge a fixed fee just to use them. Your bank's withdrawal fee: This can add a percentage or flat rate. This can add a percentage or flat rate. Currency conversion fee: Charged by the card network (e.g. Visa, Mastercard, Amex), often around 2.75–3%. Charged by the card network (e.g. Visa, Mastercard, Amex), often around 2.75–3%. Card issuer/admin fee: Some UK banks slap on a further fee for foreign use. (Photo: Pexels) | Pexels In total, you could be losing over £10 for every €40 you take out – especially if you're using a credit card rather than a debit card. For example, if you bank with HSBC, a single ATM withdrawal abroad could see a 2% withdrawal fee (min £1.75, max £5), and a 2.75% currency conversion fee. That's almost 5% of your cash gone – and that's just one transaction. Spread across a 10- to 14-day holiday, these small charges could snowball into hundreds of pounds. Advertisement Hide Ad Advertisement Hide Ad Carter's advice is clear: 'Use ATMs only in emergencies. People work hard to afford their holidays – it makes no sense to hand money back to banks through hidden charges.' He adds that ATMs abroad don't always make fees obvious upfront: 'You may not even realise you're being charged until you check your bank statement. That quick €40 stop could actually cost you £50 or more across multiple trips.' Smarter, cheaper ways to spend abroad Instead of relying on cash machines: Use fee-free travel debit cards like Chase, Starling, or Monzo Pay by card whenever possible – it's more secure and often cheaper Check fees before you travel – use your bank's app or website Avoid DCC (Dynamic Currency Conversion) – always choose to pay in the local currency when using your card Ditch the ATM card routine abroad unless absolutely necessary. With contactless payments accepted widely across Europe and beyond, there's little reason to pay steep fees for your own money. Advertisement Hide Ad Advertisement Hide Ad
